I wrote The Retirement Tax Bomb back in 2019 because I believed taxes were bound to rise—and now, I’m more convinced than ever that something drastic will have to change. At the time, I hoped our elected officials would take action before we reached a true crisis point. But here we are, years later, and meaningful reform still hasn’t happened. Frankly, I don’t see the political will appearing anytime soon. That’s the unfortunate part. The fortunate part—for those paying attention—is…
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Using The ‘Gap Years’ Effectively for Retirement Tax Planning
Did you know you could save thousands of dollars in taxes just by planning your retirement timeline strategically? For many retirees, the years between leaving the workforce and beginning major retirement income sources—like Social Security or Required Minimum Distributions (RMDs)—offer a unique and often overlooked opportunity: the “gap years.” These years can be a golden window for smart tax planning that lowers your lifetime tax burden and increases long-term financial security. In this article, we’ll break down what gap years…
5 Facts and 3 Myths About The Tax Cuts and Jobs Act (ie, The Trump Tax Cuts)
The Tax Cuts and Jobs Act (TCJA, also known as the Trump Tax Cuts) was signed into law in December of 2017 by President Trump. Because of the way that tax law is structured (it is usually not permanent), it leads to frequent conversations about what to do with this or that aspect of tax laws. I expect that this year will be no different as our politicians decide what to do with it. While it’s likely that Republicans (who…
Top 6 Investment Mistakes Retirees Make
Retirement is a time to enjoy the results of your hard work, but too many retirees are nervous about their money and whether it’s going to last as long as they do. Through diligent planning and strategy, you can enjoy this phase of your life smoothly, but you have to be aware of a source of financial stress and mistakes you may not be aware of: Yourself. Many retirees make investment mistakes that jeopardize their financial stability. Recognizing these mistakes…
Dividend vs. Total Return Investing
For many retirees, dividend investing feels like the perfect solution. Regular dividend payments create a predictable income stream, mimicking the paychecks they received during their working years. This psychological comfort—knowing that cash will keep coming in without having to sell investments—makes dividends especially appealing for those in retirement. Plus, dividend-paying companies are often seen as stable and reliable, adding to the sense of financial security. But is dividend investing really the best strategy for retirees? While it offers stability, it…
Vanguard: Love The Index Funds, Not So Much The Custodian
I have long been on the record that the best way to invest your money is in low cost index funds. In my mind it’s the smartest, most efficient, best bang for your buck way to invest. They’re cheaper than mutual funds, more diversified than single stocks. Vanguard funds, founded by John Bogle in 1974, has really revolutionized investing. Decades ago, it was either extremely difficult (logistically) to invest in a diversified portfolio, and it was rather expensive. Vanguard set…
Why You Should Consider a Part-Time Job in Retirement
You’ve worked for years in your field and have finally decided it’s time to hang up your hat and pursue a new adventure in life—retirement—a time in life when you finally have the freedom to do anything you want. However, the reality is that after some time, you may find yourself bored and looking for ways to fill the time once dedicated to your career. One way to fill your newly found time is to take up a part-time job….
If You’re Over 80, You Need to Avoid Stairs
Falls are a serious concern as we age, and it’s something many people don’t think about until it’s too late. There’s been a recent surge of some high-profile politicians who have found themselves injured after falls, underscoring how easily it can happen, especially when you’re older. Politicians Taking a Tumble Nancy Pelosi: In 2024, while walking down a marble staircase in Luxembourg, Pelosi fell and ended up needing hip surgery.Mitch McConnell: In 2023, McConnell fractured his ribs and suffered a…
When And How To Take Your RMDs
As you approach retirement, managing your savings and investments becomes one of your top priorities. You want to make sure you have enough saved, have the right investments, a solid distribution strategy, and more. But one thing that you can’t overlook is your responsibility to handle something called Required Minimum Distributions (RMDs)—mandatory withdrawals from certain retirement accounts once you reach a specific age. Failing to take these distributions on time can lead to significant penalties. In this post, we’ll break…
Best Discounts After You Turn 60
Turning 60 is a big deal. Sure, you’re not quite the age where you can claim Medicare, but reaching the golden years still has advantages, especially when you can now use senior discounts on some of your most frequent purchases (and even the fun ones too). Senior discounts are easily one of the biggest benefits of turning older. Getting discounts from your favorite stores, restaurants, and other entertainment can help you stretch your budget while still living life to the…